Zerodha Account Closure Process 2023

Table of Contents

Zerodha Account Closure Process

Zerodha Account Closure Charges

Zerodha Account Closure and Transfer

Zerodha Account Closure on Death

Conclusion

Do you want to know about the Zerodha account closure process? Zerodha offers its customers the option to close their accounts at their convenience by submitting a request for account closure. The process is straightforward and provides several benefits, such as avoiding annual maintenance charges and preventing any potential misuse of the account if you have no intention of using it.

With Zerodha, you have the flexibility to close your account either temporarily or permanently. If you opt for a temporary Zerodha account closure, you can reactivate the account whenever you desire by submitting a written request along with the necessary KYC documents.

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Zerodha Account Closure Process

For Zerodha account closure, you have the option to do it online using e-Sign or offline through paper forms. The process generally takes around 5-7 working days for Zerodha to process the Zerodha account closure request.

Check our article on Zerodha Review 2023: Order Types, Trading Platforms etc.

Zerodha Account Closure Online Process

Here are the steps for Zerodha account closure online process:

1. Visit the Zerodha website.
2. Scroll down to the footer section and click on the “Support” category.
3. Under the “Support” section, click on the “Downloads & Resources” link.
4. Look for the “Account deactivation/closure form” in the “Change request forms” or “Application forms” section and download it.
5. Fill out the form digitally with the following information:

• Select the type of account to be closed: Trading/Demat or Commodity.
• Provide your Trading Client ID.
• Enter your Demat BO ID.
• Provide the names and address of the primary account holder.
• Clearly mention the reason for the closure.

• Sign the form electronically using a platform like Digio.
• Create a ticket for account closure on the Zerodha platform and submit the completed account closure form.

By following these steps, you will initiate the Zerodha account closure online process.

Zerodha Account Closure Offline Process

For Zerodha account closure offline, you can follow these steps:

1. Download the Zerodha account closure form from their official website.
2. Print out the form and fill in the required details, including your name, address, trading ID, Demat ID, and the reason for closing the account.
3. Sign the form to authenticate your request.
4. Once the form is completed and signed, send it via courier to the Zerodha Head Office.

Please keep the following points in mind:

1. Ensure that all outstanding dues are cleared, and there is no negative balance in your Zerodha account.
2. Make sure there are no securities remaining in your Zerodha Demat account. You can either transfer or sell the securities as per your preference.
3. Close any open F&O (Futures and Options) positions you may have before proceeding with the account closure.

By following these Zerodha account closure steps and adhering to the mentioned guidelines, you can successfully close your Zerodha account offline.

Zerodha Account Closure Charges

Zerodha does not impose any charges for closing an account. However, it is important to note that you will need to clear all outstanding dues, including any annual maintenance charges, before your account can be successfully closed. Until all dues are settled, the closure process cannot be initiated.

Zerodha Account Closure and Transfer

In order to initiate the closure of your Zerodha Demat account, it should ideally be empty. However, if you still hold securities in your Zerodha Demat account, you have the option to go through the closure cum transfer process. Here are the steps to follow:

1. Download and print the Zerodha account closure form in PDF format.
2. Fill out the form with all the required details.
3. Specify the beneficiary DP ID and Client ID for the target Demat account where you wish to transfer the securities.
4. Obtain the Client Master Report (CMR) of the target Demat account.
5. Submit the signed account closure form along with the CMR of the target Demat account to the Zerodha Head Office.
6. Ensure that the CMR is properly sealed and stamped. If the beneficiary account is with NSDL (National Securities Depository Limited), the CMR should be a hard copy with the seal and signature of the respective NSDL DP. If the beneficiary account is with CDSL (Central Depository Services Limited), a digitally signed copy should be sufficient.

By following these steps and submitting the necessary documents, you can initiate the closure cum transfer process for your Zerodha Demat account.

Check our article on Zerodha Brokerage Charges 2023.

Zerodha Account Closure on Death

When the account holder passes away, the nominee, successor, dependents, or relatives can initiate the account closure request for the Zerodha account. The closure process is relatively straightforward when there are no securities or funds remaining in the account. To close the Zerodha account of the deceased account holder, the Copy of his / her death certificate and PAN number, along with the account closure form, need to be submitted.

However, if there are funds and holdings still present in the account, the account closure process will vary depending on the specific scenario. In such cases, it is advisable to contact Zerodha directly to understand and follow the appropriate procedure for closing the account of a deceased account holder.

When dealing with a joint account, the surviving account holder has the authority to initiate the closure request and facilitate the transfer of securities and funds to their own account. To accomplish this, the following documents must be submitted:

1. Transmission Request Form: This form is used to transfer the holdings from the joint account to the surviving holder’s account.
2. Duly filled and signed account closure form: This form is required to initiate the closure of the joint account.
3. Notarized copy of the Death certificate of the deceased account holder: This document serves as proof of the deceased account holder’s passing.
4. Sealed and stamped Client Master Report of the beneficiary account of the surviving holder: The CMR of the surviving holder’s account must be provided, with appropriate seals and stamps.
5. ID proof of the survivor: The surviving account holder needs to provide a valid identification document.
6. Copy of bank statement/cancelled check of the survivor: This is required to validate the survivor’s bank account details.

By submitting these documents, the surviving holder can initiate the closure request and complete the necessary steps for transferring securities and funds to their individual account.

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Conclusion

You have the flexibility to close your Zerodha account either online or offline, based on your convenience. Whether you prefer a permanent closure or a temporary one, Zerodha provides options to accommodate your requirements. For online closure, you can submit the Zerodha account closure form by creating a ticket with the Zerodha support team. They will guide you through the process and assist you with the necessary steps to close your account. For offline closure, you will need to send the filled-out account closure form to the Zerodha Head Office. Once received, the Zerodha team will process your request and initiate the account closure procedure.

You can check our YouTube video on Zerodha’s Brokerage Charges Exposed.